Primitive Exploit Protection
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December 9th, 2021

Every user that interacts with a DeFi product runs the risk of total loss. This risk remains elusive to the user, overshadowed by intangible underlying risks. For all Primitive products, no user will walk away with zero if a hack or economic exploit takes place.

Primitive is purchasing $10m of coverage for its users through Sherlock Protocol. This entitles all users to claim a portion of USDC from the pool in the case of an adverse event.

This coverage also comes with the benefits of increased security:

  • $1m bug bounty incentivizes against black hat attacks
  • A future avenue of scaling coverage on Primitive products
  • Continuous audit capacity on smart contracts

Since this is all handled on behalf of users, if any funds are lost users will simply gain access to a claim USDC button.

The unique model of purchasing coverage through Sherlock has an important feature: coverage pricing that moves with code complexity. As Primitive launches new products that may be more complex, the Sherlock team will be best positioned to make better pricing decisions. This ultimately leads to more coverage for the end user because more can be purchased at a better price.

Sherlock has already proved themselves to be invaluable through the security expertise of their Watsons, and we couldn't be more excited to offer coverage for all of our users.

Visit Sherlock

Learn more on the Sherlock website: sherlock.xyz

Community

Go tell your friends about the oracle-free derivative protocol launching this month with concentrated and fungible liquidity.

To meet the rest of us, join the Primitive discord.

Published on Primitive

Read this on the Primitive blog: blog.

Learn More

Visit the website: primitive.finance.
Visit the docs: primitive documentation.
Follow Primitive on twitter: primitivefi.

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